Imperial Capital initiated its coverage on Triumph Group (NYSE: TGI) with an Outperform rating and a price target of $77.

Imperial Capital noted, "Aerostructures continue to surprise to the upside. Since its acquisition of Vought in 2010, Triumph has enjoyed steady improvement in operating margins, rising to 15.9% in 1Q13 from 11.2% in 2Q11. We see further improvement as the synergy run rate exceeds the $50mn run rate target by June 2013. Margins in the Aftermarket segment have also surprised, as operational improvements and new wins have contributed to the improvement."